Fintech firm Tipalti, which uses AI to automate payment workflows, has raised $150m and is now valued at over $2b. Its valuation was less than $500m last year. The U.S.-Israeli startup says it will use the fresh funding to hire 100 workers in Israel and expand its growth and global presence.
- Tipalti uses AI and other technology to help businesses automate their payment processes more efficiently and quickly. It counts Twitter, Uber, and GoDaddy as among its clients.
- So far it's raised $280m from investors including 01 Advisors, the fund from former Twitter CEO Dick Costolo and former Twitter COO Adam Bain. The most recent late-stage round was led by Durable Capital Partners, with investments from Greenoaks Capital and participation from 01 Advisors.
- Tipalti CEO Chen Amit says the pandemic boosted interest in businesses wanting to automate payment processes as they shift more to remote work. Its transaction volume on its platform so far this year is $12b, an increase from 80% a year ago.
- Citigroup, Starbucks, and Paypal are among the companies adopting AI and ML to improve their payment processes.